Palatin Announces Preliminary Second Quarter Fiscal 2023 Vyleesi® Product Sales Results

Rhea-AI Summary

Palatin Technologies (PTN) disclosed preliminary sales results for Vyleesi® for the fiscal second quarter ended December 31, 2022. The company reported a 15.4% increase in net product revenue, totaling $1.0 million, and a striking 1,290% increase compared to the same quarter in 2021. Gross product sales reached $2.6 million, a 238% increase year-over-year. Additionally, prescriptions dispensed rose by 11.5% quarter-over-quarter, and 134% year-over-year. While management is optimistic about growth, the preliminary nature of the data could lead to significant adjustments.

Positive

• 15.4% increase in net product revenue over prior quarter
• 1,290% year-over-year increase in net product revenue
• 11.5% increase in prescriptions dispensed over prior quarter
• 134% year-over-year increase in prescriptions dispensed
• $1.0 million in net product revenue exceeded operating expenses

Negative

• Preliminary financial data not yet audited, indicating potential volatility in results

• 15.4% increase in net product revenue over the prior quarter
• 1,290% increase over the comparable quarter in 2021
• 11.5% increase in prescriptions dispensed over the prior quarter
• Increased 134% over the comparable quarter in 2021

CRANBURY, N.J., January 5, 2023 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE American: PTN), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor system, today announced preliminary fiscal second quarter ended December 31, 2022 Vyleesi® product sales results. Vyleesi is the first and only as-needed treatment approved by the U.S. Food and Drug Administration (FDA) for premenopausal women with acquired, generalized hypoactive sexual desire disorder (HSDD).

"We are excited with Vyleesi's continued quarter over quarter increases across all value metrics, most notably regarding net product sales and prescriptions dispensed," stated Carl Spana, Ph.D., President and CEO of Palatin. "We are especially pleased that net product revenue of $1.0 million for the quarter ended December 31, 2022, exceeded Vyleesi operating expenses." 

• Preliminary Vyleesi product sales results for the fiscal second quarter ended December 31, 2022:
• Gross product sales were $2.6 million, an increase of 14.1% over the prior quarter, and an increase of 238% over the comparable quarter in 2021.
• Net product revenue was $1.0 million, an increase of 15.4% over the prior quarter, and an increase of 1,290% over the comparable quarter in 2021.
• Total prescriptions dispensed increased 11.5% over the prior quarter and increased 134% over the comparable quarter in 2021.
• Refill rates, commercial insurance reimbursement, and net revenue per prescription dispensed, increased over the prior quarter and comparable quarter in 2021.

Preliminary Financial Information

The Vyleesi related financial and operating data for the second fiscal quarter of 2023 is preliminary and may change. This preliminary data has been prepared by, and is the responsibility of, Palatin's management and no independent accounting firm has audited, reviewed, compiled, or performed any procedures with respect to this preliminary financial data. There can be no assurance that Palatin's actual results for this quarterly period will not differ from the preliminary financial and operating data and such changes could be material. In addition, Palatin's estimate of Vyleesi product sales for the quarter ended December 31, 2022 should not be viewed as a substitute for full financial statements prepared in accordance with U.S. generally accepted accounting standards. Additional information that will be material to investors will be provided in the financial statements for the three months ended December 31, 2022, and, accordingly, investors should not place undue reliance on the limited preliminary information being provided herein.

About Vyleesi® (bremelanotide injection) for Hypoactive Sexual Desire Disorder (HSDD)

Vyleesi is the first and only as-needed treatment approved by the FDA for premenopausal women with acquired, generalized HSDD.

Palatin is actively seeking Vyleesi collaborations for the United States and for territories outside the currently licensed territories of China and Korea. Vyleesi is licensed to Fosun Pharma in China and Kwangdong Pharmaceuticals in South Korea.

Patients and healthcare providers can learn more about HSDD and Vyleesi at www.vyleesi.com and www.vyleesipro.com.

About Palatin

Palatin is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin's website at www.Palatin.com and follow Palatin on Twitter at @PalatinTech.

Forward-looking Statements

Statements in this press release that are not historical facts, including statements about future expectations of Palatin, such as statements about Vyleesi results and potential market, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, results of clinical trials, regulatory actions by the FDA and other regulatory and the need for regulatory approvals, Palatin's ability to fund development of its technology and establish and successfully complete clinical trials, the length of time and cost required to complete clinical trials and submit applications for regulatory approvals, products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, commercial acceptance of Palatin's products, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating for events that occur after the date of this press release.       

Palatin Technologies® and Vyleesi® are registered trademarks of Palatin Technologies, Inc.

 

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SOURCE Palatin Technologies, Inc.

FAQ

What were the Vyleesi sales results for Palatin Technologies (PTN) in Q2 2023?

Palatin reported Vyleesi net product revenue of $1.0 million for Q2 2023, reflecting a 15.4% increase over the prior quarter and a 1,290% increase compared to Q2 2022.

How did prescription numbers change for Vyleesi in fiscal Q2 2023?

Prescriptions dispensed for Vyleesi increased by 11.5% from the previous quarter and 134% year-over-year.

What is the significance of the preliminary Vyleesi sales data released by Palatin (PTN)?

The preliminary sales data indicates strong growth in revenue and prescriptions, but it is subject to change, which could materially impact financial results.

What were gross product sales for Vyleesi in the latest report from Palatin Technologies (PTN)?

Gross product sales for Vyleesi were reported at $2.6 million, a 14.1% increase over the prior quarter and a 238% increase year-over-year.